Cryptojacking – A new glitch in the system 

 

Cryptocurrencies such as bitcoin do not emerge from central banks like the money we use daily; they are generated or “mined” by computers solving complex equations. Cryptojacking is the act of using someone’s computer without their knowledge or consent, even just for a few seconds at a time, to mine a cryptocurrency.

 

It works by embedding a JavaScript component in a website that can use a visiting device’s processing power to mine a cryptocurrency. One visitor may only do a little bit of mining while visiting the website, but the collective processing power generated from the site visitor’s activity has the capacity to turn into real money over time. The scary part is that users aren’t aware of what’s happening.

With the increased cryptojacking activity occurring all over the internet, processes put in place to avoid these silent attacks have not been as effective as expected.  Cryptojacking doesn’t require a download, starts instantly, and works efficiently. Researchers say that most cryptojacking is intentional, and that the attacks are evolving in concerning ways. Since cryptojacking is so new, hackers are still developing new ways to maximize their intake.

These attacks serve as a bridge for the many mining technologies that have been slowly percolating over the years. This has brought them together to come up with ways to prevent these types of exploits. An example of these mechanisms put into practice is the Captcha solution and has been around for years. Instead of checking whether a user is human, it has evolved to the extent of implementing intensive mathematical mining puzzles to make it slower and less economically feasible for hackers to load certain pages or perform certain actions on a site.

 

The more these mining technologies layer on top of each other—whether for legitimate purposes or scams—more web users may begin to experience a whole new landscape in the online realm.